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A Bitcoin wallet is a piece of software you use to communicate with the Bitcoin network and tell it when you want to send and receive transactions.
The best way to understand a Bitcoin wallet is by comparing it to email.
Once you have setup an email address you need some kind of software to allow you to send and receive emails to that address.
Now this software may be an app on your phone, it may be an app on your laptop or it could even be an app you log into online.
With email, you enter the username and password for your email address into the app and that’s how the Internet knows it’s really you that is sending and receive emails to that address.
Now of course you tell everyone your email address and you have to do that in order for anyone to send you a message. But just because someone knows your email address, that doesn’t allow them to send email from that address.
If they could that would be bad because then they could send emails pretending to be you and cause all kinds of problems.
In order to be allowed to send email from a particular email address, you have to know the password. If someone finds out your email password then there’s nothing stopping them from logging in to your email app and sending messages.
This is very similar to how a Bitcoin wallet works.
Every Bitcoin account has two elements to it.
One is called your public address, which is like your email address, and one is called your private key, which is like your password.
So just like email, you can give anyone your Bitcoin public address and then anyone, anywhere in the world can send you some Bitcoin.
They don’t need to know anything about you. All they need is that public address and they can send money to you.
Your Bitcoin private key on the other hand is the one thing you must protect. It’s called your private key for a reason because you should never reveal this to anyone.
If someone gets your email password, that’s bad because they can start sending emails from your address, but that’s not quite as bad as someone getting your Bitcoin private key because then they can steal all of your Bitcoins by sending them somewhere else.
And just like email, once a Bitcoin transaction has been sent, it’s a one way trip. The only way to get it back would be for the person you sent it to to voluntarily send it back.
Bitcoin literally works like digital cash. Once you’ve handed it over, the Bitcoin belongs to that other person.
And the same goes for when you receive Bitcoin. Once someone sends it to you, it’s yours and no one can take it from you.
The only way they could do that is if they knew your private key. And of course now you know never to give this to anyone.

An okay explanation but comparing an email address to a Bitcoin public key is apples and oranges because if somebody has your public key they can see your balance, transactions and send you Bitcoin. If somebody has your email address they can just send you email they cannot read your emails or see how many you have in your inbox.

A simpler explanation would be to compare a Bitcoin wallet to your bank account. Give everyone your account number (Public address) to send funds to you. Don't give them your password (Private Key) to make bank transactions.

yah I had the same question, I suppose if you bought BTC and you wanted to hold it for 3 months, you would then download it to an external device then when you sell it go to the exchange where you have an account, plug in your storage device in a USB port and it will show up on your account somehow and you can do whatever you want with it put it into usdollars then wire out to a bank account. Is this correct? anyone?

Hi can you just explain something. If I have an account at an exchange with USD then I buy some bitcoin through them, so my bitcoin is in the market do I still need a wallet as I am not having bitcoin just sitting in my acct at the exchange? Or is it even when the bitcoin is in a trade or in the market the details are held at the exchange so I still need a wallet because the bitcoin isn't actually in the exchange. Sorry but its really confusing for first timers.

I sent small amount of bitcoin from gdax account to my bread wallet its gone from gdax but I dont see it in my bread wallet I copied the receive btc code am new to all this and I think just lost 500$ in this adventuren not going to buy anymore! Sadly no one returned anything to me

I notice that my wallet allows me to use Bitcoin Average, LocalBitcoins, Quadriga etc. They all have different values for the btc- CAD or USD, at the same time. Doesnt it make sense for me to use the one, at the time of making a purchase, that is giving me the most favorable exchange? Since there can be, and usually is, an outrageous difference between them all, what's the catch if I use the seemingly-superinflated one?Also, please, my online retailer says that I should add .001 BTC to the purchase price because there seems to be difficulties if we dont. Doesnt my wallet ALREADY take all of that into account when I complete the transaction? I'm SO a newbie!
Thanks alot.

I'm guessing if you have a software wallet you won't be able to view the private key because it would be encrypted in the wallet file the software generates, which is why backing up this file is important.
If you wanted to transfer funds to a paper wallet "where the unencrypted keys are printed out" you would have to transfer the funds from the software wallet to the paper one. But then in order to spend those bitcoins you would have to transfer the unencrypted keys to a software/hardware wallet that can interact with the block-chain.

OK this is starting to get confusing, my understanding was that the bitcoins aren't physically stored in the "wallet", they are encrypted in the block chain and in order to access those funds you just need the private and public key which is essentially all your wallet is.

That's right! :D
I probably described it poorly. Basically, if you were to 1) install Bitcoin wallet 2) receive Bitcoin to that wallet 3) uninstall Bitcoin wallet (without backing it up) 4) and then reinstall Bitcoin wallet again... it would not be the same wallet! You wouldn't have the coins you received in step 2, they would likely be lost forever.
That's what I meant by "the same instance" of the wallet, but in retrospect, it's not a great way to describe it.

There should be an option of sending btc to a single easily remembered address I.e I tell everyone to send btc to 'Mathew' which then automatically creates a new public address (in my wallet) each time a payment is received. Similar to owning a domain name but routing to a different (dynamic) IP each time a payment (viewer) is received.

The Cryptoverse
amazing! Would it work if I download the wallet on PC, send the coins there, make 2-3 copies of this wallet and then put each on a USB (in case I lose 1 or 2 USBs) ...and delete off of the PC (so it's like paper wallet)
or would deleting the wallet off the PC corrupt the whole thing?
Im asking because I have like 30 different coins :, ( , and I don't know how to keep them safe. your help would be super super appreciated man 😊😊

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